|I:DJI||DOW JONES AVERAGES||35028.65||-339.82||-0.96%|
|I:COMP||NASDAQ COMPOSITE INDEX||14340.255145||-166.64||-1.15%|
The Dow Jones Industrial Average rose 462 points, or 1.45%, to close above 32,000 for the first time while the S&P 500 advanced 0.6% and the Nasdaq Composite slipped 0.04%.
The gains come as the 10-year yield slid 2.5 basis points to 1.52% after the consumer price index rose 0.4% in February, in line with estimates, and after an auction saw adequate demand.
Traders continue to watch the benchmark yield amid concerns Biden’s relief package, which is expected to pass through the House and be signed into law before Sunday, will help bring back inflation that has been absent since the 2008 financial crisis. The current level of the 10-year yield is higher than the S&P 500’s 1.49% dividend yield, giving investors an alternative to stocks.
|QQQ||INVESCO QQQ NASDAQ 100||366.48||0.00||0.00%|
Mega-cap technology stocks, many of which have entered corrections or bear markets, remain in focus as investors look to enter at heavily discounted prices.
Additionally, Tesla saw early gains after posting its biggest market cap increase in history, $106 billion, on Tuesday. This after several days of selling.
Elsewhere, GameStop Corp. shares were on track for a sixth straight day of gains with a 109% jump already over the course of the winning streak. The stock was halted several times by the New York Stock Exchange for volatility.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||18.32||-0.52||-2.76%|
Another meme stock, AMC Entertainment Holdings Inc., was set to report earnings after the close of trading.
|GE||GENERAL ELECTRIC CO.||100.62||-2.27||-2.21%|
|BA||THE BOEING CO.||217.08||-7.93||-3.52%|
In deals, General Electric Co. reached a $30 billion deal to sell its aircraft-leasing unit to Ireland’s AerCap Holdings NV. The deal will pay GE $24 billion cash and give the conglomerate an approximately 46% stake in the combined company. The deal puts Boeing in focus as well.
|CPB||CAMPBELL SOUP CO.||46.04||-0.25||-0.54%|
On the COVID-19 vaccine front, Biden's team announced plans to buy an additional 100 million doses of J&J's vaccine.
|JNJ||JOHNSON & JOHNSON||166.58||-0.52||-0.31%|
And CVS Health Corp. and Target Corp. announced the vaccine will be available in roughly 600 stores located within the big-box retailer.
|CVS||CVS HEALTH CORP.||102.90||0.00||0.00%|
In earnings, Campbell Soup Co. forecast net sales would decline by between 2.5% and 3.5% during the current fiscal year. The company reported inline quarterly earnings and revenue that fell short of Wall Street estimates.
Meanwhile, video-game maker Roblox Corp. opened for trading on the New York Stock Exchange at $64.50 a share, up 64% from its $45 reference price.
In commodities, West Texas Intermediate crude oil rallied 43 cents to $64.44 per barrel and gold ticked up $4.90 to $1,721.50 an ounce.
Europe markets were mixed with Britain’s FTSE 100 down 0.07% while Germany’s DAX 30 and France’s CAC 40 added 0.71% and 1.11%, respectively.
In Asia, Hong Kong’s Hang Seng index rose 0.47%, Japan’s Nikkei edged up 0.03% and China’s Shanghai Composite slipped 0.05%.